Longfellow Investment Management Co. LLC Sells 2,435 Shares of The Coca-Cola Company (NYSE:KO)

Longfellow Investment Management Co. LLC cut its holdings in shares of The Coca-Cola Company (NYSE:KO) by 14.6% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,234 shares of the company’s stock after selling 2,435 shares during the period. Longfellow Investment Management Co. LLC’s holdings in Coca-Cola were worth $1,023,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of KO. Truvestments Capital LLC raised its stake in shares of Coca-Cola by 2.5% in the third quarter. Truvestments Capital LLC now owns 43,708 shares of the company’s stock worth $3,141,000 after acquiring an additional 1,084 shares during the last quarter. Brown Brothers Harriman & Co. increased its holdings in shares of Coca-Cola by 2.6% in the third quarter. Brown Brothers Harriman & Co. now owns 215,035 shares of the company’s stock valued at $15,452,000 after purchasing an additional 5,522 shares in the last quarter. Independent Advisor Alliance raised its position in Coca-Cola by 0.7% in the 3rd quarter. Independent Advisor Alliance now owns 534,625 shares of the company’s stock worth $38,418,000 after purchasing an additional 3,699 shares during the last quarter. Harvest Fund Management Co. Ltd lifted its holdings in Coca-Cola by 81.2% during the 3rd quarter. Harvest Fund Management Co. Ltd now owns 10,416 shares of the company’s stock worth $748,000 after buying an additional 4,669 shares in the last quarter. Finally, Davis R M Inc. boosted its position in Coca-Cola by 12.6% in the 3rd quarter. Davis R M Inc. now owns 17,575 shares of the company’s stock valued at $1,263,000 after buying an additional 1,965 shares during the last quarter. 70.26% of the stock is owned by institutional investors and hedge funds.

Coca-Cola Price Performance

Shares of NYSE KO opened at $64.19 on Monday. The company has a fifty day moving average price of $67.79 and a 200 day moving average price of $66.57. The firm has a market cap of $276.52 billion, a PE ratio of 26.41, a PEG ratio of 3.88 and a beta of 0.61. The company has a current ratio of 1.06, a quick ratio of 0.90 and a debt-to-equity ratio of 1.53. The Coca-Cola Company has a 1-year low of $57.47 and a 1-year high of $73.53.

Coca-Cola (NYSE:KO) last posted its quarterly earnings data on Wednesday, October 23rd. The company reported $0.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.03. The business had revenue of $11.85 billion during the quarter, compared to the consensus estimate of $11.61 billion. Coca-Cola had a return on equity of 44.01% and a net margin of 22.45%. Coca-Cola’s quarterly revenue was down .8% on a year-over-year basis. During the same period last year, the company earned $0.74 earnings per share. Research analysts predict that The Coca-Cola Company will post 2.85 earnings per share for the current fiscal year.

Coca-Cola Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be given a $0.485 dividend. This represents a $1.94 dividend on an annualized basis and a yield of 3.02%. The ex-dividend date is Friday, November 29th. Coca-Cola’s dividend payout ratio (DPR) is currently 80.17%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on KO. Truist Financial upped their price target on Coca-Cola from $70.00 to $80.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. Wells Fargo & Company increased their price target on Coca-Cola from $73.00 to $78.00 and gave the company an “overweight” rating in a research note on Monday, September 16th. Hsbc Global Res raised Coca-Cola to a “strong-buy” rating in a research note on Friday, September 27th. Cfra reissued a “hold” rating on shares of Coca-Cola in a research note on Thursday, September 5th. Finally, Morgan Stanley decreased their target price on Coca-Cola from $78.00 to $76.00 and set an “overweight” rating for the company in a research report on Thursday, October 24th. Four analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $72.36.

Insiders Place Their Bets

In other news, CEO James Quincey sold 100,000 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $64.03, for a total transaction of $6,403,000.00. Following the sale, the chief executive officer now owns 342,546 shares in the company, valued at $21,933,220.38. This represents a 22.60 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Nancy Quan sold 18,484 shares of the business’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $71.50, for a total transaction of $1,321,606.00. Following the transaction, the executive vice president now owns 223,330 shares in the company, valued at approximately $15,968,095. The trade was a 7.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.97% of the company’s stock.

About Coca-Cola

The Coca-Cola Company, a beverage company, manufactures, markets, and sells various nonalcoholic beverages worldwide. The company provides sparkling soft drinks, sparkling flavors; water, sports, coffee, and tea; juice, value-added dairy, and plant-based beverages; and other beverages. It also offers beverage concentrates and syrups, as well as fountain syrups to fountain retailers, such as restaurants and convenience stores.